Ashford Trust Reports Fourth Quarter And Year End 2015 Results

6.8% RevPAR Increase for All Hotels for the Fourth Quarter

Adjusted EBITDA Increased 31%

Adjusted Funds From Operations per Share Increased 53%

Hotel EBITDA Margin Increased 112 bps

Feb 25, 2016, 16:41 ET from Ashford Hospitality Trust, Inc.

DALLAS, Feb. 25, 2016 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today reported financial results and performance measures for the fourth quarter ended December 31, 2015. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of December 31, 2015 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2015, with the fourth quarter ended December 31, 2014 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

OVERVIEW

  • Opportunistic focus on upper-upscale, full-service hotels
  • Targets moderate debt levels of approximately 55 – 60% net debt/gross assets
  • Highly-aligned management team and advisory structure
  • One of the highest long-term total shareholder returns in the industry
  • Attractive dividend yield of approximately 9%

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for all hotels increased 6.8% during the quarter
  • RevPAR for all hotels not under renovation increased 7.3% during the quarter
  • Adjusted EBITDA increased $22.0 million or 31%
  • Hotel EBITDA Margin increased 112 basis points
  • Adjusted funds from operations (AFFO) was $0.26 per diluted share for the quarter as compared with $0.17 from the prior-year quarter representing an increase of 53%
  • The Company's common stock is currently trading at an approximate 9% dividend yield
  • Subsequent to year-end, on January 25, 2016, the Company announced that it completed the refinancing of three mortgage loans with existing balances of approximately $268 million with a new loan totaling $375 million, resulting in excess proceeds of approximately $81 million after closing costs and reserves
  • Capex invested in the quarter was $60.2 million, bringing the full-year total to $175.2 million

CAPITAL STRUCTURE
At December 31, 2015, the Company had total assets of $5.0 billion in continuing operations.  As of December 31, 2015, the Company had $3.9 billion of mortgage debt in continuing operations. Ashford Trust's total combined debt had a blended average interest rate of 5.1%. 

Subsequent to year-end, on January 25, 2016, the Company announced that it completed the refinancing of three mortgage loans with existing balances of approximately $268 million. The previous loans that were refinanced included: the $91 million UBS 2 loan, the $103 million Merrill 2 loan and the $74 million Merrill 7 loan. The new loan totals $375 million and resulted in excess proceeds of approximately $81 million after closing costs and reserves. The new loan is interest only and provides for a floating interest rate of LIBOR + 4.87%.  The next hard debt maturity for the Company is in April 2017.  

PORTFOLIO REVPAR
As of December 31, 2015, the Ashford Trust portfolio consisted of direct hotel investments with 132 properties classified in continuing operations.  During the fourth quarter of 2015, 119 of the Company's hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the hotels in continuing operations on a comparable total basis (all 132 hotels) and comparable not under renovation basis (119 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 6.8% to $105.94 for all hotels on a 4.2% increase in ADR and a 2.5% increase in occupancy
  • Comparable RevPAR increased 7.3% to $107.21 for hotels not under renovation on a 4.2% increase in ADR and a 3.0% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 132 hotels are provided in the table attached to this release.

REFINED SALES PROCESS FOR SELECT-SERVICE HOTEL PORTFOLIO
On January 25, 2016, the Company announced that it is no longer marketing the 24-hotel select-service portfolio as a single portfolio, but will instead pursue the sale of these assets in smaller groups and individually. Further, the Company will pursue the opportunistic sales of its other 38 non-core, select-service hotels over time.  The refined sales process in the form of smaller portfolios and/or individual assets is expected to garner higher values in the current market environment.

STRATEGY REFINEMENTS
Ashford Trust is reaffirming its previously announced strategy refinements as follows:

  • The Company will focus on acquiring and owning upper-upscale, full-service hotels
  • The Company is not planning nor expects any future platform spinoffs
  • The Company will continue to target a net debt to gross assets ratio of 55% - 60%
  • The Company will continue to target cash and cash equivalents at a level of 25% - 35% of its total equity market capitalization for the purposes of:
    • property-level and corporate-level working capital needs
    • as a hedge against a downturn in the economy or hotel fundamentals
    • to be prepared to pursue accretive investments or stock buybacks as those opportunities arise

COMMON STOCK DIVIDEND
On December 10, 2015, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2015, payable on January 15, 2016, to shareholders of record as of December 31, 2015. The Board also approved the dividend policy for 2016, during which the Company expects to pay a quarterly cash dividend of $0.12 per share, or $0.48 per share on an annualized basis, subject to quarterly review.

"Driven by the continued success of our revenue initiatives, we posted robust RevPAR growth during the fourth quarter which outperformed the broader industry and supported another quarter of strong EBITDA and AFFO performance," commented Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer. "Closing on our recent refinancing increased our financial flexibility and improved our liquidity position as we continue to execute on our more simplified and distinct strategy of focusing on upper-upscale, full-service hotels to maximize value for our shareholders. We enter 2016 with a backdrop of favorable industry fundamentals and we will continue to focus on generating strong operating performance across our platform."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, February 26, 2016, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (719) 325-2308.  A replay of the conference call will be available through Friday, March 4, 2016, by dialing (719) 457-0820 and entering the confirmation number, 4881188.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2015 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, February 26, 2016, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate.  Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA.  FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us.  Neither FFO, AFFO, EBITDA, nor Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions.  However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford. 

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward looking statements in this press release include, among others, statements about the Company's strategy and future plans.  These forward-looking statements are subject to risks and uncertainties.  When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:  general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.  EBITDA is defined as net income before interest, taxes, depreciation and amortization.  EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price.  A capitalization rate is determined by dividing the property's annual net operating income by the purchase price.  Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues.  Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.  Hotel EBITDA Margin is Hotel EBITDA divided by total revenues.  Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. 

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)






December 31,


December 31,





2015


2014






ASSETS





Cash and cash equivalents

$        215,078


$        215,063


Marketable securities

-


63,217



Total cash, cash equivalents and marketable securities

215,078


278,280


Investments in hotel properties, net

4,419,684


2,128,611


Restricted cash

153,680


85,830


Accounts receivable, net of allowance of $715 and $241, respectively

40,438


22,399


Inventories

4,810


2,104


Note receivable, net of allowance of $7,083 and $7,522, respectively

3,746


3,553


Investment in Highland JV

-


144,784


Investment in Ashford Prime

-


54,907


Investment in Ashford Inc.

6,616


7,099


Investment in AIM REHE Fund

55,952


-


Deferred costs, net

3,847


1,618


Prepaid expenses

12,458


7,017


Derivative assets, net

3,435


182


Other assets

10,647


17,116


Intangible assets, net

11,343


-


Due from Ashford Prime, net

528


896


Due from affiliates

-


3,473


Due from third-party hotel managers

22,869


12,241










Total assets

$     4,965,131


$     2,770,110








LIABILITIES AND EQUITY




Liabilities:





Indebtedness, net

$     3,840,617


$     1,943,133


Accounts payable and accrued expenses

123,444


71,118


Dividends payable

22,678


21,889


Unfavorable management contract liabilities

3,355


5,330


Due to Ashford Inc., net

9,856


8,202


Due to related party, net

1,339


1,867


Due to third-party hotel managers

2,504


1,640


Intangible liabilities, net

16,494


-


Liabilities associated with marketable securities and other

-


6,201


Other liabilities

14,539


1,233










Total liabilities

4,034,826


2,060,613








Redeemable noncontrolling interests in operating partnership

118,449


177,064








Equity:






Preferred stock, $0.01 par value, 50,000,000 shares authorized:







Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at December 31, 2015 and December 31, 2014







17


17




Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at December 31, 2015 and December 31, 2014







95


95




Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at December 31, 2015 and December 31, 2014







46


46



Common stock, $0.01 par value, 200,000,000 shares authorized, 95,470,903 and 89,439,624 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 






955


894



Additional paid-in capital

1,597,194


1,580,904



Accumulated deficit

(787,221)


(1,050,323)




Total stockholders' equity of the Company

811,086


531,633


Noncontrolling interest in consolidated entities

770


800










Total equity

811,856


532,433











Total liabilities and equity

$     4,965,131


$     2,770,110

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)










 Three Months Ended 


 Year Ended 





 December 31, 


 December 31, 





2015


2014


2015


2014








REVENUE









Rooms

$    271,584


$    150,898


$   1,059,012


$    640,325


Food and beverage

67,571


30,180


227,099


112,701


Other


13,297


6,904


48,699


26,958














Total hotel revenue

352,452


187,982


1,334,810


779,984


Advisory services revenue

-


1,458


-


10,724


Other


425


928


2,156


4,141














Total revenue

352,877


190,368


1,336,966


794,849












EXPENSES









Hotel operating expenses










Rooms

62,324


35,599


231,614


143,751



Food and beverage

44,449


20,323


153,340


77,653



Other expenses

109,960


59,816


405,896


254,495



Management fees 

13,028


7,507


49,394


31,125















Total hotel operating expenses

229,761


123,245


840,244


507,024













Property taxes, insurance and other

18,134


9,541


65,301


38,499


Depreciation and amortization

61,189


29,631


210,410


110,653


Impairment charges

(112)


(105)


19,511


(415)


Gain on insurance settlements

-


(5)


-


(5)


Transaction costs

402


9


6,252


625


Advisory services fee:










Base advisory fee

8,616


3,999


33,833


3,999



Reimbursable expenses

1,651


534


6,471


534



Non-cash stock/unit-based compensation

929


-


2,719


-













Corporate, general and administrative:










Non-cash stock/unit-based compensation

-


2,191


538


19,155



Other general and administrative

2,578


7,762


13,772


38,088















Total operating expenses

323,148


176,802


1,199,051


718,157












OPERATING INCOME

29,729


13,566


137,915


76,692













Equity in earnings (loss) of unconsolidated entities

2,253


(4,299)


(6,831)


2,495


Interest income

23


17


90


62


Gain on acquisition of Highland JV and sale of hotel properties

47


-


380,752


-


Other income (expense)

(2,597)


732


(864)


6,573


Interest expense, net of premiums

(47,752)


(27,250)


(168,834)


(107,300)


Amortization of loan costs

(5,773)


(1,689)


(18,680)


(7,202)


Write-off of loan costs and exit fees

(983)


-


(5,750)


(10,353)


Unrealized gain (loss) on marketable securities

-


3,486


127


(332)


Unrealized loss on derivatives

(999)


(420)


(7,402)


(1,100)












INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(26,052)


(15,857)


310,523


(40,465)


Income tax expense

(75)


(446)


(4,710)


(1,266)












INCOME (LOSS) FROM CONTINUING OPERATIONS

(26,127)


(16,303)


305,813


(41,731)


Income (loss) from discontinued operations

-


(55)


-


33


Gain on sale of hotel properties, net of tax

-


-


599


3,491












NET INCOME (LOSS)

(26,127)


(16,358)


306,412


(38,207)

Loss from consolidated entities attributable to noncontrolling interest

22


260


30


406

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

4,113


2,166


(35,503)


6,400












NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(21,992)


(13,932)


270,939


(31,401)

Preferred dividends

(8,491)


(8,491)


(33,962)


(33,962)












NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$    (30,483)


$    (22,423)


$      236,977


$    (65,363)












INCOME (LOSS) PER SHARE – BASIC AND DILUTED









Basic:










Income (loss) from continuing operations attributable to common stockholders

$        (0.33)


$        (0.25)


$            2.43


$        (0.75)



Income from discontinued operations attributable to common stockholders

-


-


-


-














Net income (loss) attributable to common stockholders

$        (0.33)


$        (0.25)


$            2.43


$        (0.75)














Weighted average common shares outstanding – basic

94,012


89,589


96,290


87,622













Diluted:










Income (loss) from continuing operations attributable to common stockholders

$        (0.33)


$        (0.25)


$            2.35


$        (0.75)



Income from discontinued operations attributable to common stockholders

-


-


-


-














Net income (loss) attributable to common stockholders

$        (0.33)


$        (0.25)


$            2.35


$        (0.75)














Weighted average common shares outstanding – diluted

94,012


89,589


114,881


87,622













Dividends declared per common share:

$          0.12


$          0.12


$            0.48


$          0.48












Amounts attributable to common stockholders:









Net income (loss) attributable to the Company

$    (21,992)


$    (13,884)


$      270,939


$    (31,430)


Income from discontinued operations, net of tax

-


(48)


-


29


Preferred dividends

(8,491)


(8,491)


(33,962)


(33,962)














Net income (loss) attributable to common stockholders

$    (30,483)


$    (22,423)


$      236,977


$    (65,363)

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA 

 (in thousands) 

 (unaudited) 




 Three Months Ended 


 Year Ended 



 December 31, 


 December 31, 



2015


2014


2015


2014










 Net income (loss) 

$      (26,127)


$    (16,358)


$    306,412


$    (38,207)

 Loss from consolidated entities attributable to noncontrolling interest 

22


260


30


406

 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 

4,113


2,166


(35,503)


6,400

 Net income (loss) attributable to the Company 

(21,992)


(13,932)


270,939


(31,401)











Interest income

(23)


(18)


(90)


(63)


Interest expense and amortization of premiums and loan costs, net

53,496


28,908


187,396


114,709


Depreciation and amortization 

61,129


29,626


210,197


110,770


Income tax expense

75


446


4,710


1,278


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(4,113)


(2,166)


35,503


(6,400)


Equity in (earnings) loss of unconsolidated entities

(759)


4,299


3,445


(2,495)


Company's portion of EBITDA of Ashford Inc.

846


(3,016)


828


(3,016)


Company's portion of EBITDA of Ashford Prime

-


2,494


7,640


11,643


Company's portion of EBITDA of Highland JV

-


21,803


11,982


95,444










 EBITDA available to the Company and OP unitholders 

88,659


68,444


732,550


290,469











Amortization of unfavorable management contract liabilities

(494)


(494)


(1,975)


(1,975)


Impairment charges

(112)


(105)


19,511


(415)


Gain on acquisition of Highland JV and sale of hotel properties

(47)


-


(381,351)


(3,503)


Non-cash gain on insurance settlements 

-


(5)


-


(5)


Write-off of loan costs and exit fees

983


-


5,750


10,353


Other (income) expense(1)

2,597


(732)


864


(6,573)


Transaction, acquisition and management conversion costs

796


1,683


12,348


4,856


Software implementation costs

-


45


-


320


Legal judgment and related legal costs

24


424


95


11,907


Unrealized (gain) loss on marketable securities

-


(3,486)


(127)


332


Unrealized loss on derivatives

999


420


7,402


1,100


Dead deal costs

203


-


770


-


Compensation adjustment related to modified employment terms

-


-


-


2,997


Non-cash stock/unit-based compensation

1,142


2,191


3,470


16,918


Company's portion of unrealized loss of AIM REHE Fund

(1,494)


-


3,386


-


Company's portion of adjustments to EBITDA of Ashford Inc.

468


3,427


3,652


3,427


Company's portion of adjustments to EBITDA of Ashford Prime

-


80


738


634


Company's portion of adjustments to EBITDA of Highland JV

-


(156)


-


(669)










 Adjusted EBITDA available to the Company and OP unitholders 

$        93,724


$      71,736


$    407,083


$    330,173










 NOTES: 








(1)

Other (income) expense, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted EBITDA.  















 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO 

 (in thousands, except per share amounts) 

 (unaudited) 












 Three Months Ended 


 Year Ended 



 December 31, 


 December 31, 



2015


2014


2015


2014










 Net income (loss) 

$      (26,127)


$    (16,358)


$    306,412


$    (38,207)

 Loss from consolidated entities attributable to noncontrolling interest 

22


260


30


406

 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 

4,113


2,166


(35,503)


6,400

 Preferred dividends 

(8,491)


(8,491)


(33,962)


(33,962)










 Net income (loss) attributable to common stockholders 

(30,483)


(22,423)


236,977


(65,363)











Depreciation and amortization on real estate

61,129


29,579


210,197


110,465


Gain on acquisition of Highland JV and sale of hotel properties

(47)


-


(381,351)


(3,503)


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(4,113)


(2,166)


35,503


(6,400)


Equity in (earnings) loss of unconsolidated entities

(759)


4,299


3,445


(2,495)


Impairment charges on real estate

-


-


19,949


-


Company's portion of FFO of Ashford Inc.

604


(3,252)


(19)


(3,252)


Company's portion of FFO of Ashford Prime

-


1,033


4,371


5,897


Company's portion of FFO of Highland JV

-


10,310


3,791


49,748










 FFO available to common stockholders and OP unitholders 

26,331


17,380


132,863


85,097











Write-off of loan costs and exit fees

983


-


5,750


10,353


Other impairment charges

(112)


(105)


(438)


(415)


Non-cash gain on insurance settlements 

-


(5)


-


(5)


Other (income) expense (1)

2,597


(732)


864


(6,573)


Legal judgment and related legal costs

24


424


95


11,907


Transaction, acquisition and management conversion costs

796


1,683


12,348


4,856


Unrealized (gain) loss on marketable securities

-


(3,486)


(127)


332


Unrealized loss on derivatives

999


420


7,402


1,100


Software implementation costs

-


45


-


320


Dead deal costs

203


-


770


-


Compensation adjustment related to modified employment terms

-


-


-


2,997


Company's portion of unrealized loss of AIM REHE Fund

(1,494)


-


3,386


-


Company's portion of adjustments to FFO of Ashford Inc.

(534)


2,558


(1,032)


2,558


Company's portion of adjustments to FFO of Ashford Prime

-


4


593


398


Company's portion of adjustments to FFO of Highland JV

-


(156)


-


(669)










 Adjusted FFO available to common stockholders and OP unitholders 

$        29,793


$      18,030


$    162,474


$    112,256










 Adjusted FFO per diluted share available to common stockholders and OP unitholders 

$            0.26


$          0.17


$          1.41


$          1.05










 Weighted average diluted shares 

113,498


108,562


115,366


107,243










 NOTES: 








(1)

Other (income) expense, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted FFO.  

 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

DECEMBER 31, 2015

(dollars in thousands)

(unaudited)




























 Comparable 


 Comparable 







 Fixed-Rate 


 Floating-Rate 


 Total 


 TTM Hotel 


 TTM EBITDA 

Indebtedness


Maturity


Interest Rate


 Debt 


 Debt 


 Debt 


EBITDA(11)


 Debt Yield 
















Morgan Stanley MIP - 5 hotels 


February 2016


LIBOR + 4.75%


$                      -


$            200,000

(1) (2)

$            200,000


$              23,395


11.7%

Morgan Stanley Pool A - 7 hotels 


August 2016


LIBOR + 4.35%


-


301,000

(2)

301,000


33,517


11.1%

Morgan Stanley Pool B - 5 hotels 


August 2016


LIBOR + 4.38%


-


62,900

(2)

62,900


6,986


11.1%

JPM Chase Marriott Fremont - 1 hotel 


August 2016


LIBOR + 4.20%


-


37,500

(2)

37,500


7,417


19.8%

Secured revolving credit facility - various 


October 2016


Base Rate (10)+ 2.00% or
LIBOR + 3.00%


-


-

(9)

-


N/A   


N/A

BAML Pool 1 & 2 - 8 hotels 


January 2017


LIBOR + 4.95%


-


376,800

(2) (3)

376,800


43,843


11.6%

Cantor Commercial Real Estate Memphis - 1 hotel 


April 2017


LIBOR + 4.95%


-


33,300

(2)

33,300


4,127


12.4%

Column Financial - 24 hotels 


April 2017


LIBOR + 4.39%


-


1,070,560

(4)

1,070,560


111,619


10.4%

Wachovia 1 - 5 hotels 


April 2017


5.95%


110,302


-


110,302


16,899


15.3%

Wachovia 2 - 7 hotels 


April 2017


5.95%


120,671


-


120,671


17,152


14.2%

Wachovia 5 - 5 hotels 


April 2017


5.95%


99,144


-


99,144


14,446


14.6%

Wachovia 6 - 5 hotels 


April 2017


5.95%


150,860


-


150,860


17,857


11.8%

JPM Lakeway - 1 hotel 


May 2017


LIBOR + 5.10%


-


25,100

(2)

25,100


1,420


5.7%

BAML Le Pavillon - 1 hotel 


June 2017


LIBOR + 5.10%


-


43,750

(2)

43,750


4,060


9.3%

US Bank Indigo Atlanta - 1 hotel 


June 2017


5.98%


16,002


-


16,002


2,294


14.3%

Morgan Stanley - 8 hotels 


July 2017


LIBOR + 4.09%


-


144,000

(2)

144,000


14,118


9.8%

Morgan Stanley Ann Arbor - 1 hotel 


July 2017


LIBOR + 4.15%


-


35,200

(2)

35,200


3,762


10.7%

BAML W Atlanta - 1 hotel 


July 2017


LIBOR + 5.10%


-


40,500

(2)

40,500


3,974


9.8%

BAML Pool - 17 hotels 


December 2017


LIBOR + 4.87%


-


375,000

(7) (8)

375,000


48,208


12.9%

Morgan Stanley Boston Back Bay - 1 hotel 


January 2018


4.38%


98,016


-


98,016


14,794


15.1%

Morgan Stanley Princeton/Nashville - 2 hotels 


January 2018


4.44%


107,054


-


107,054


25,976


24.3%

NorthStar Gainesville - 1 hotel 


July 2018


LIBOR + 4.50%


-


21,200

(6)

21,200


2,539


12.0%

NorthStar HGI Wisconsin Dells - 1 hotel 


August 2018


LIBOR + 4.95%


-


12,000

(6)

12,000


1,908


15.9%

Omni American Bank Ashton - 1 hotel 


July 2019


LIBOR + 3.75% (5)


-


5,524


5,524


1,051


19.0%

GACC Gateway - 1 hotel 


November 2020


6.26%


98,420


-


98,420


16,331


16.6%

Deutsche Bank W Minneapolis - 1 hotel 


May 2023


5.46%


55,524


-


55,524


6,042


10.9%

GACC Jacksonville RI - 1 hotel 


January 2024


5.49%


10,529


-


10,529


1,431


13.6%

GACC Manchester RI - 1 hotel 


January 2024


5.49%


7,214


-


7,214


1,150


15.9%

Key Bank Manchester CY - 1 hotel 


May 2024


4.99%


6,745


-


6,745


978


14.5%

Morgan Stanley Pool C1 - 3 hotels 


August 2024


5.20%


67,520


-


67,520


8,598


12.7%

Morgan Stanley Pool C2 - 2 hotels 


August 2024


4.85%


12,500


-


12,500


2,232


17.9%

Morgan Stanley Pool C3 - 3 hotels 


August 2024


4.90%


24,980


-


24,980


3,418


13.7%

BAML Pool 3 - 3 hotels 


February 2025


4.45%


54,110

(3)

-


54,110


8,569


15.8%

BAML Pool 4 - 2 hotels 


February 2025


4.45%


24,147

(3)

-


24,147


3,116


12.9%

BAML Pool 5 - 2 hotels 


February 2025


4.45%


20,919

(3)

-


20,919


3,062


14.6%

Unencumbered hotels 






-


-


-


2,439


N/A







$         1,084,657


$         2,784,334


$         3,868,991


$            478,728


12.4%
















Percentage 






28.0%


72.0%


100.0%




















Weighted average interest rate 






5.43%


5.00%


5.12%



































All indebtedness is non-recourse with the exception of the secured revolving credit facility.







(1) The interest rate on this mortgage loan is subject to a LIBOR floor of 0.20%.









(2) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. 








(3) On January 2, 2015, we refinanced our $145.3 million loan due July 2015 and our $211.0 million loan due November 2015 with a $376.8 million loan due January 2017 with an interest rate of LIBOR + 4.95%, a $54.8 million loan due February 2025 with a fixed interest rate of 4.45%, a $24.5 million loan due February 2025 with a fixed interest rate of 4.45%, and a $21.2 million loan due February 2025 with a fixed interest rate of 4.45%.  


(4) On March 6, 2015, we refinanced our $907.5 million loan due March 2015 with a $1,070.6 million loan due April 2017 with four one-year extension options.  The new loan provides for an interest rate of LIBOR + 4.39%.

(5) The interest rate on this mortgage loan which closed in July 2014 is subject to a LIBOR floor of 0.25% and changes to a 4.00% fixed rate after 18 months.



(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.






(7) This mortgage loan has four one-year extension options, subject to satisfaction of certain conditions.






(8) On December 2, 2015, we refinanced our $91.1 million loan due December 2015, our $103.4 million loan due February 2016 and our $74.3 million loan due in February 2016 with a $375.0 million loan with a variable interest rate of LIBOR + 4.87%.

(9) Our borrowing capacity under our secured revolving credit facility is $100.0 million.  

(10) Base rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.


(11) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.  









 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 DECEMBER 31, 2015 

 (in thousands) 

 (unaudited) 







































2016


2017


2018


2019


2020


 Thereafter 


 Total 


















Secured revolving credit facility - various 

$            -


$              -


$              -


$              -


$              -


$                  -


$                  -

Wachovia 1 - 5 hotels 

-


107,351


-


-


-


-


107,351

Wachovia 2 - 7 hotels 

-


117,441


-


-


-


-


117,441

Wachovia 5 - 5 hotels 

-


96,491


-


-


-


-


96,491

Wachovia 6 - 5 hotels 

-


146,823


-


-


-


-


146,823

US Bank Indigo Atlanta - 1 hotel 

-


15,583


-


-


-




15,583

Morgan Stanley Boston Back Bay - 1 hotel 

-


-


94,226


-


-


-


94,226

Morgan Stanley Princeton/Nashville - 2 hotels 

-


-


103,106


-


-


-


103,106

Omni American Bank Ashton - 1 hotel 

-


-


-


5,168


-


-


5,168

Morgan Stanley MIP - 5 hotels 

-


-


-


200,000


-


-


200,000

Morgan Stanley Pool A - 7 hotels 

-


-


-


301,000


-


-


301,000

Morgan Stanley Pool B - 5 hotels 

-


-


-


62,900


-


-


62,900

JPM Chase Marriott Fremont - 1 hotel 

-


-


-


37,500


-


-


37,500

GACC Gateway - 1 hotel 

-


-


-


-


89,886


-


89,886

BAML Pool 1 & 2 - 8 hotels 

-


-


-


-


376,800


-


376,800

Cantor Commercial Real Estate Memphis - 1 hotel 

-


-


-


-


33,300


-


33,300

JPM Lakeway - 1 hotel 

-


-


-


-


25,100


-


25,100

BAML Le Pavillon - 1 hotel 

-


-


-


-


43,750


-


43,750

Morgan Stanley - 8 hotels 

-


-


-


-


144,000


-


144,000

Morgan Stanley Ann Arbor - 1 hotel 

-


-


-


-


35,200


-


35,200

NorthStar Gainesville - 1 hotel 

-


-


-


-


21,200


-


21,200

BAML W Atlanta - 1 hotel 

-


-


-


-


40,500


-


40,500

NorthStar HGI Wisconsin Dells - 1 hotel 

-


-


-


-


12,000


-


12,000

GACC Jacksonville RI - 1 hotel 

-


-


-


-


-


9,036


9,036

GACC Manchester RI - 1 hotel 

-


-


-


-


-


6,191


6,191

Key Bank Manchester CY - 1 hotel 

-


-


-


-


-


5,671


5,671

Morgan Stanley Pool C - 8 hotels 

-


-


-


-


-


90,889


90,889

BAML Pool 3 - 3 hotels 

-


-


-


-


-


44,160


44,160

BAML Pool 4 - 2 hotels 

-


-


-


-


-


19,707


19,707

BAML Pool 5 - 2 hotels 

-


-


-


-


-


17,073


17,073

Column Financial - 24 hotels 

-


-


-


-


-


1,070,560


1,070,560

Deutsche Bank W Minneapolis - 1 hotel 

-


-


-


-


-


47,711


47,711

BAML Pool - 17 hotels 

-


-


-


-


-


375,000


375,000


















Principal due in future periods 

$            -


$    483,689


$    197,332


$    606,568


$    821,736


$     1,685,998


$     3,795,323


















Scheduled amortization payments remaining 

16,138


16,196


6,644


6,970


6,914


20,806


73,668


















Total indebtedness 

$    16,138


$    499,885


$    203,976


$    613,538


$    828,650


$     1,706,804


$     3,868,991

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)







































Three Months Ended





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


% Variance



















ALL HOTELS:

















Rooms revenue (in thousands)

$    270,519


$               2,158


$     272,677


$  148,904


$           106,115


$     255,019


6.92%




RevPAR

$      105.56


$             194.05


$       105.94


$      94.69


$             106.30


$         99.20


6.80%




Occupancy

72.66%


91.65%


72.75%


72.13%


69.10%


70.95%


2.53%




ADR

$      145.27


$             211.72


$       145.63


$    131.28


$             153.83


$       139.81


4.16%







































Year Ended





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


% Variance



















ALL HOTELS:

















Rooms revenue (in thousands)

$ 1,053,576


$           110,947


$  1,164,523


$  628,451


$           463,715


$ 1,092,166


6.63%




RevPAR

$      114.25


$             112.52


$       114.08


$    102.30


$             114.62


$       107.08


6.54%




Occupancy

77.27%


72.66%


76.82%


76.25%


74.46%


75.56%


1.67%




ADR

$      147.85


$             154.87


$       148.49


$    134.16


$             153.94


$       141.71


4.79%




































NOTES:
















(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.



(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 



(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.









































Three Months Ended





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


% Variance


ALL HOTELS
















NOT UNDER RENOVATION:

















Rooms revenue (in thousands)

$    247,088


$               2,158


$     249,246


$ 134,001


$             97,972


$     231,973


7.45%




RevPAR

$      106.79


$             194.05


$       107.21


$     94.53


$             108.33


$         99.91


7.31%




Occupancy

73.30%


91.65%


73.38%


72.18%


69.72%


71.22%


3.03%




ADR

$      145.69


$             211.72


$       146.09


$   130.96


$             155.38


$       140.27


4.15%







































Year Ended





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


% Variance


ALL HOTELS
















NOT UNDER RENOVATION:

















Rooms revenue (in thousands)

$    958,164


$           104,966


$  1,063,130


$  567,555


$           426,712


$     994,267


6.93%




RevPAR

$      115.45


$             114.01


$       115.30


$    102.30


$             116.42


$       107.93


6.83%




Occupancy

77.69%


73.07%


77.23%


76.43%


74.98%


75.85%


1.82%




ADR

$      148.59


$             156.04


$       149.29


$    133.86


$             155.27


$       142.30


4.92%




































NOTES:
















(1)

The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2015, and not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.



(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 



(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.



(4)

Excluded Hotels Under Renovation: 










Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill









 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 HOTEL EBITDA 

 (dollars in thousands) 

 (unaudited) 




 ALL HOTELS: 

 Three Months Ended 





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


 % Variance 


 REVENUE 
















Rooms 

$    270,519


$                2,158


$    272,677


$   148,904


$            106,115


$    255,019


6.9%



Food and beverage 

67,547


374


67,921


30,157


37,610


67,767


0.2%



 Other 

13,037


311


13,348


6,769


6,547


13,316


0.2%




Total hotel revenue 

351,103


2,843


353,946


185,830


150,272


336,102


5.3%



















 EXPENSES 
















Rooms 

$      61,873


$                   428


$      62,301


$     35,003


$              24,312


$      59,315


5.0%



Food and beverage 

44,429


233


44,662


20,307


24,072


44,379


0.6%



Other direct 

5,386


87


5,473


3,704


1,650


5,354


2.2%



Other indirect  

98,713


856


99,568


52,575


43,574


96,149


3.6%



Management fees, includes base and incentive fees 

15,553


136


15,689


8,378


6,093


14,471


8.4%




Total hotel operating expenses 

225,954


1,740


227,693


119,967


99,701


219,668


3.7%



Property taxes, insurance, and other 

17,749


183


17,933


9,546


7,819


17,365


3.3%


 HOTEL EBITDA 

107,400


920


108,320


56,317


42,752


99,069


9.3%




Hotel EBITDA Margin 

30.59%


32.36%


30.60%


29.86%


28.45%


29.48%


1.12%




















Minority interest in earnings of consolidated joint ventures 

73


-


73


74


-


74


-1.4%


 HOTEL EBITDA 
















excluding minority interest in joint ventures 

$ 107,327


$                  920


$    108,247


$   56,243


$            42,752


$      98,995


9.3%



















NOTES:

















(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.




(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 




Adjustments have been made to the pre-acquisition results as indicated below:








(a) Management fee expense was adjusted to reflect current contractual rates





(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.




(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

























































 ALL HOTELS: 

 Year Ended 





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


 % Variance 


 REVENUE 
















Rooms 

$ 1,053,576


$            110,947


$ 1,164,523


$   628,451


$            463,715


$ 1,092,166


6.6%



Food and beverage 

226,937


31,276


258,213


111,937


144,304


256,241


0.8%



Other 

47,513


7,450


54,963


26,178


26,397


52,575


4.5%




Total hotel revenue 

1,328,026


149,673


1,477,699


766,566


634,416


1,400,982


5.5%



















 EXPENSES 
















Rooms 

$    229,615


$              24,771


$    254,386


$   140,996


$            101,448


$    242,444


4.9%



Food and beverage 

153,247


21,436


174,683


77,109


96,477


173,586


0.6%



Other direct 

20,221


2,731


22,952


14,964


7,033


21,997


4.3%



Other indirect  

363,554


44,171


407,725


210,236


181,172


391,408


4.2%



Management fees, includes base and incentive fees 

60,703


5,545


66,248


36,567


25,709


62,276


6.4%




Total hotel operating expenses 

827,340


98,654


925,994


479,872


411,839


891,711


3.8%



Property taxes, insurance, and other

64,201


8,776


72,977


37,612


32,576


70,188


4.0%


 HOTEL EBITDA 

436,485


42,243


478,728


249,082


190,001


439,083


9.0%




Hotel EBITDA Margin 

32.87%


28.22%


32.40%


32.49%


29.95%


31.34%


1.06%




















Minority interest in earnings of consolidated joint ventures 

319


-


319


300


-


300


6.3%


 HOTEL EBITDA 
















excluding minority interest in joint ventures 

$ 436,166


$            42,243


$    478,409


$ 248,782


$          190,001


$    438,783


9.0%



















NOTES:

















(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.




(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 



Adjustments have been made to the pre-acquisition results as indicated below:



(a) Management fee expense was adjusted to reflect current contractual rates







(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.








(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.








 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 HOTEL EBITDA 

 (dollars in thousands) 

 (unaudited) 

















 ALL HOTELS: 
















NOT UNDER RENOVATION: 

 Three Months Ended 





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


 % Variance 


 REVENUE 
















Rooms 

$   247,088


$                2,158


$    249,246


$   134,001


$              97,972


$    231,973


7.4%



Food and beverage 

60,928


374


61,302


26,787


34,245


61,032


0.4%



Other 

11,690


311


12,001


5,815


6,092


11,907


0.8%




Total hotel revenue 

319,706


2,843


322,549


166,603


138,309


304,912


5.8%



















 EXPENSES 
















Rooms 

$     56,509


$                   428


$      56,937


$     31,685


$              22,381


$      54,066


5.3%



Food and beverage 

40,492


233


40,724


18,238


21,901


40,138


1.5%



Other direct 

4,904


87


4,991


3,346


1,609


4,956


0.7%



Other indirect  

89,446


856


90,302


46,875


40,077


86,952


3.9%



Management fees, includes base and incentive fees 

14,337


136


14,474


7,464


5,628


13,092


10.6%




Total hotel operating expenses 

205,688


1,740


207,428


107,608


91,596


199,204


4.1%



Property taxes, insurance, and other 

16,240


183


16,423


8,641


7,213


15,854


3.6%


 HOTEL EBITDA 

97,778


920


98,698


50,354


39,500


89,854


9.8%




Hotel EBITDA Margin 

30.58%


32.36%


30.60%


29.77%


28.56%


29.47%


1.13%




















Minority interest in earnings of consolidated joint ventures 

73


-


73


74


-


74


-1.4%


 HOTEL EBITDA 
















excluding minority interest in joint ventures 

$   97,705


$                  920


$      98,625


$   50,280


$            39,500


$      89,780


9.9%



















NOTES:

















(1)

The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2015, but not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.



(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 




Adjustments have been made to the pre-acquisition results as indicated below:







(a) Management fee expense was adjusted to reflect current contractual rates









(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.








(4)

Excluded Hotels Under Renovation: 












Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill






(5)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

























 ALL HOTELS: 
















NOT UNDER RENOVATION: 

 Year Ended 





December 31,





Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





2015


2015


2015


2014


2014


2014


 % Variance 


 REVENUE 
















Rooms 

$   958,164


$            104,966


$ 1,063,130


$   567,555


$            426,712


$    994,267


6.9%



Food and beverage 

204,163


28,988


233,151


99,556


130,496


230,052


1.3%



Other 

42,703


7,259


49,962


22,916


24,815


47,731


4.7%




Total hotel revenue 

1,205,030


141,213


1,346,243


690,027


582,023


1,272,050


5.8%



















 EXPENSES 
















Rooms 

$   208,557


$              23,485


$    232,042


$   127,604


$              93,185


$    220,789


5.1%



Food and beverage 

138,865


19,842


158,707


69,264


87,793


157,057


1.1%



Other direct 

18,376


2,670


21,046


13,579


6,858


20,437


3.0%



Other indirect  

327,904


41,575


369,479


187,608


166,187


353,795


4.4%



Management fees, includes base and incentive fees 

55,827


5,292


61,119


33,091


23,618


56,709


7.8%




Total hotel operating expenses 

749,529


92,864


842,393


431,146


377,641


808,787


4.2%



Property taxes, insurance, and other 

58,270


8,305


66,575


33,944


29,732


63,676


4.6%


 HOTEL EBITDA 

397,231


40,044


437,275


224,937


174,650


399,587


9.4%




Hotel EBITDA Margin 

32.96%


28.36%


32.48%


32.60%


30.01%


31.41%


1.07%




















Minority interest in earnings of consolidated joint ventures 

319


-


319


300


-


300


6.3%


 HOTEL EBITDA 
















excluding minority interest in joint ventures 

$ 396,912


$            40,044


$    436,956


$ 224,637


$          174,650


$    399,287


9.4%



















NOTES:

















(1)

The above comparable information assumes the 119 hotel properties owned and included in the Company's operations at December 31, 2015, but not under renovation during the three months ended December 31, 2015, were owned as of the beginning of each of the periods presented.




(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 




Adjustments have been made to the pre-acquisition results as indicated below:









(a) Management fee expense was adjusted to reflect current contractual rates





(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.



(4)

Excluded Hotels Under Renovation: 









Hilton Parsippany, Courtyard Alpharetta, Fairfield Inn Lake Buena Vista, Historic Inns of Annapolis, Residence Inn Evansville, Crowne Plaza Ravinia, Embassy Suites Austin, Embassy Suites Dulles, Embassy Suites Houston, Hilton Ft. Worth, Hilton Santa Fe, The Ashton, The Churchill






(5)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.







 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)





















































THE FOLLOWING SEASONALITY TABLE REFLECTS THE 132 HOTELS INCLUDED IN THE COMPANY'S OPERATIONS AT DECEMBER 31, 2015:






















































































































Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable




2015


2015


2015


2015


2015


2015


2015


2015


2015


2015


2015


2015




4th Quarter


4th Quarter


4th Quarter


3rd Quarter


3rd Quarter


3rd Quarter


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter





















































Total Hotel Revenue

$      351,103


$                2,843


$    353,946


$       362,511


$                8,193


$    370,704


$       367,186


$              29,375


$     396,561


$      247,226


$            109,262


$    356,488

Hotel EBITDA

$      107,400


$                   920


$    108,320


$       116,444


$                3,029


$    119,473


$       128,076


$                9,685


$     137,761


$        84,565


$              28,609


$    113,174

Hotel EBITDA Margin

30.59%


32.36%


30.60%


32.12%


36.97%


32.23%


34.88%


32.97%


34.74%


34.21%


26.18%


31.75%



























EBITDA % of Total TTM

24.6%


2.2%


22.6%


26.7%


7.2%


25.0%


29.3%


22.9%


28.8%


19.4%


67.7%


23.6%



























JV Interests in EBITDA

$               73


$             -


$              73


$              102


$             -


$            102


$                89


$             -


$               89


$               55


$             -


$              55






























Actual


Pre-acquisition


Comparable






















2015


2015


2015






















TTM


TTM


TTM







































































Total Hotel Revenue

$   1,328,026


$            149,673


$ 1,477,699



















Hotel EBITDA

$      436,485


$              42,243


$    478,728



















Hotel EBITDA Margin

32.87%


28.22%


32.40%













































EBITDA % of Total TTM

100.0%


100.0%


100.0%













































JV Interests in EBITDA

$             319


$             -


$            319













































NOTES:


























(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015 were owned as of the beginning of each of the periods presented. 






(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 











Adjustments have been made to the pre-acquisition results as indicated below:
















(a) Management fee expense was adjusted to reflect current contractual rates














(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.


















(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



















 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)















































Three Months Ended December 31,









Number of
Hotels


Number of
Rooms


Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable





Region




2015


2015


2015


2014


2014


2014


% Variance






























Atlanta, GA Area


11


2,070


$    102.98


$             117.18


$     103.13


$       79.32


$             103.48


$              94.68


8.9%





Boston, MA Area


3


915


154.59


-


154.59


-


157.60


157.60


-1.9%





Dallas / Ft. Worth Area


7


1,518


104.40


-


104.40


96.10


92.64


94.98


9.9%





Houston, TX Area


3


692


106.40


-


106.40


101.11


125.02


111.47


-4.6%





Los Angeles, CA Metro Area


8


1,901


102.89


-


102.89


91.63


81.87


89.52


14.9%





Miami, FL Metro Area


3


587


120.58


-


120.58


117.79


-


117.79


2.4%





Minneapolis - St. Paul, MN-WI Area


4


809


108.54


210.50


121.09


82.59


148.35


106.08


14.1%





Nashville, TN Area


1


673


160.76


-


160.76


-


140.15


140.15


14.7%





New York / New Jersey Metro Area


7


1,887


100.32


-


100.32


116.38


88.56


99.29


1.0%





Orlando, FL Area


6


1,834


87.90


-


87.90


82.00


-


82.00


7.2%





Philadelphia, PA Area


3


648


90.51


-


90.51


77.98


-


77.98


16.1%





San Diego, CA Area


2


410


98.18


-


98.18


87.74


-


87.74


11.9%





San Francisco - Oakland, CA Metro Area


6


1,368


137.33


-


137.33


120.46


-


120.46


14.0%





Tampa, FL Area


3


680


98.89


-


98.89


87.24


79.55


83.31


18.7%





Washington DC - MD - VA Area


10


2,466


112.95


-


112.95


103.80


119.02


107.65


4.9%





Other Areas


55


9,519


96.78


-


96.78


90.15


95.86


92.76


4.3%





Total Portfolio


132


27,977


$  105.56


$           194.05


$     105.94


$     94.69


$           106.30


$              99.20


6.8%






























NOTES:

























(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.




(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 








(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.































































ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(unaudited)











































Three Months Ended December 31,





Number of
Hotels


Number of
Rooms


Actual


Pre-acquisition


Comparable


% of Total


Actual


Pre-acquisition


Comparable


% of Total


Comparable

Region




2015


2015


2015



2014


2014


2014



% Variance


























Atlanta, GA Area


11


2,070


$       7,043


$                     99


$        7,142


6.6%


$                1,972


$                3,817


$         5,789


5.8%


23.4%

Boston, MA Area


3


915


5,632


-


5,632


5.2%


-


5,741


5,741


5.8%


-1.9%

Dallas / Ft. Worth Area


7


1,518


6,155


-


6,155


5.7%


3,498


2,099


5,597


5.6%


10.0%

Houston, TX Area


3


692


3,919


-


3,919


3.6%


1,475


2,673


4,148


4.2%


-5.5%

Los Angeles, CA Metro Area


8


1,901


7,072


-


7,072


6.5%


4,778


974


5,752


5.8%


22.9%

Miami, FL Metro Area


3


587


2,540


-


2,540


2.3%


2,510


-


2,510


2.5%


1.2%

Minneapolis - St. Paul, MN-WI Area


4


809


2,905


821


3,726


3.4%


1,913


1,388


3,301


3.3%


12.9%

Nashville, TN Area


1


673


4,727


-


4,727


4.4%


-


3,700


3,700


3.7%


27.8%

New York / New Jersey Metro Area


7


1,887


7,436


-


7,436


6.9%


3,618


3,626


7,244


7.3%


2.7%

Orlando, FL Area


6


1,834


4,913


-


4,913


4.5%


4,516


-


4,516


4.6%


8.8%

Philadelphia, PA Area


3


648


1,709


-


1,709


1.6%


1,382


-


1,382


1.4%


23.7%

San Diego, CA Area


2


410


1,342


-


1,342


1.2%


1,160


-


1,160


1.2%


15.7%

San Francisco - Oakland, CA Metro Area


6


1,368


7,180


-


7,180


6.6%


6,230


-


6,230


6.3%


15.2%

Tampa, FL Area


3


680


2,312


-


2,312


2.1%


1,091


759


1,850


1.9%


25.0%

Washington DC - MD - VA Area


10


2,466


10,314


-


10,314


9.5%


6,508


2,738


9,246


9.3%


11.6%

Other Areas


55


9,519


32,201


-


32,201


29.8%


15,666


15,237


30,903


31.0%


4.2%

Total Portfolio


132


27,977


$ 107,400


$                  920


$    108,320


100.0%


$            56,317


$            42,752


$       99,069


100.0%


9.3%



















































NOTES:

























(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.




(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 









Adjustments have been made to the pre-acquisition results as indicated below:















(a) Management fee expense was adjusted to reflect current contractual rates













(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.















(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.














 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES




HOTEL REVPAR BY MARKET

(unaudited)




















































Year Ended December 31,












Number of
Hotels


Number of
Rooms


Actual


Pre-acquisition


Comparable


Actual


Pre-acquisition


Comparable


Comparable







Region




2015


2015


2015


2014


2014


2014


% Variance




































Atlanta, GA Area


11


2,070


$    108.61


$             129.52


$     112.57


$       83.24


$             114.18


$           102.91


9.4%








Boston, MA Area


3


915


186.61


101.12


166.08


-


161.10


161.10


3.1%








Dallas / Ft. Worth Area


7


1,518


108.33


115.68


108.75


99.14


100.56


99.62


9.2%








Houston, TX Area


3


692


113.01


115.98


113.23


107.81


119.70


112.97


0.2%








Los Angeles, CA Metro Area


8


1,901


107.68


119.82


108.14


105.04


95.10


102.89


5.1%








Miami, FL Metro Area


3


587


127.33


-


127.33


120.26


-


120.26


5.9%








Minneapolis - St. Paul, MN-WI Area


4


809


107.32


173.81


126.20


95.07


164.73


119.95


5.2%








Nashville, TN Area


1


673


177.93


149.75


172.99


-


152.78


152.78


13.2%








New York / New Jersey Metro Area


7


1,887


110.39


80.38


107.16


122.18


96.42


106.36


0.8%








Orlando, FL Area


6


1,834


91.01


-


91.01


83.38


-


83.38


9.1%








Philadelphia, PA Area


3


648


94.84


-


94.84


90.02


-


90.02


5.3%








San Diego, CA Area


2


410


112.33


-


112.33


101.60


-


101.60


10.6%








San Francisco - Oakland, CA Metro Area


6


1,368


146.54


-


146.54


125.68


-


124.02


18.2%








Tampa, FL Area


3


680


102.04


122.12


103.83


97.02


91.72


94.32


10.1%








Washington DC - MD - VA Area


10


2,466


127.99


91.86


126.39


117.39


126.00


119.57


5.7%








Other Areas


55


9,519


106.45


99.21


105.57


98.03


103.86


100.59


5.0%








Total Portfolio


132


27,977


$  114.25


$           112.52


$     114.08


$   102.30


$           114.62


$           107.08


6.5%




































NOTES:




























(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.







(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 












(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.







































































ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES




HOTEL EBITDA BY MARKET

(unaudited)














































Year Ended December 31,





Number of Hotels


Number of Rooms


Actual


Pre-acquisition


Comparable


% of Total


Actual


Pre-acquisition


Comparable


% of Total


Comparable




Region




2015


2015


2015



2014


2014


2014



% Variance
































Atlanta, GA Area


11


2,070


$     24,230


$                6,586


$      30,816


6.4%


$                8,803


$              18,762


$       27,565


6.3%


11.8%




Boston, MA Area


3


915


23,004


2,445


25,449


5.3%


-


24,397


24,397


5.6%


4.3%




Dallas / Ft. Worth Area


7


1,518


24,101


1,946


26,047


5.4%


14,128


8,639


22,767


5.2%


14.4%




Houston, TX Area


3


692


13,025


1,403


14,428


3.0%


6,300


8,185


14,485


3.3%


-0.4%




Los Angeles, CA Metro Area


8


1,901


28,872


1,427


30,299


6.3%


24,030


5,191


29,221


6.7%


3.7%




Miami, FL Metro Area


3


587


11,444


-


11,444


2.4%


10,411


-


10,411


2.4%


9.9%




Minneapolis - St. Paul, MN-WI Area


4


809


10,010


5,858


15,868


3.3%


8,125


6,529


14,654


3.3%


8.3%




Nashville, TN Area


1


673


17,789


2,975


20,764


4.3%


-


17,111


17,111


3.9%


21.3%




New York / New Jersey Metro Area


7


1,887


30,005


1,613


31,618


6.6%


15,521


16,106


31,627


7.2%


0.0%




Orlando, FL Area


6


1,834


20,354


-


20,354


4.3%


17,911


-


17,911


4.1%


13.6%




Philadelphia, PA Area


3


648


7,065


-


7,065


1.5%


7,051


-


7,051


1.6%


0.2%




San Diego, CA Area


2


410


6,631


-


6,631


1.4%


5,634


-


5,634


1.3%


17.7%




San Francisco - Oakland, CA Metro Area


6


1,368


32,058


-


32,058


6.7%


22,166


2,628


24,794


5.6%


29.3%




Tampa, FL Area


3


680


8,983


1,262


10,245


2.1%


4,998


3,958


8,956


2.0%


14.4%




Washington DC - MD - VA Area


10


2,466


45,832


1,122


46,954


9.8%


31,145


12,370


43,515


9.9%


7.9%




Other Areas


55


9,519


133,082


15,606


148,688


31.2%


72,859


66,125


138,984


31.5%


7.0%




Total Portfolio


132


27,977


$ 436,485


$            42,243


$    478,728


100.0%


$          249,082


$          190,001


$     439,083


100.0%


9.0%




























































NOTES:




























(1)

The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the beginning of each of the periods presented.







(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. 













Adjustments have been made to the pre-acquisition results as indicated below:



















(a) Management fee expense was adjusted to reflect current contractual rates


















(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.


















(4)

See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


















 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 TOTAL ENTERPRISE VALUE 

DECEMBER 31, 2015

 (in thousands except share price) 

 (unaudited) 






 December 31, 


2015

 End of quarter diluted shares outstanding 

95,471

 Partnership units outstanding (common share equivalents)* 

19,309

 Combined diluted shares and partnership units outstanding 

114,780

 Common stock price at quarter end 

$                   6.31

 Market capitalization at quarter end 

$             724,262

 Series A preferred stock 

$               41,430

 Series D preferred stock 

$             236,718

 Series E preferred stock 

$             115,750

 Debt on balance sheet date 

$          3,868,991

 Joint venture partner's share of consolidated debt 

$               (2,094)

 Net working capital (see below) 

$           (373,036)

Total enterprise value (TEV)

$          4,612,021



Ashford Inc. Investment:


Common stock owned at end of quarter

598

Common stock price at quarter end

$                 53.25

Market value of Ashford Inc. investment

$               31,852



Cash and cash equivalents

$             215,023

Restricted cash

153,535

Accounts receivable, net

40,422

Prepaid expenses

12,455

Investment in AIM REHE, LP

55,952

Due from affiliates, net

(10,516)

Due from third-party hotel managers, net

20,369

Market value of Ashford Inc. investment

31,852

Total current assets

$             519,092



Accounts payable, net & accrued expenses

$             123,378

Dividends payable

22,678

Total current liabilities

$             146,056



Net working capital**

$             373,036





 * Total units outstanding = 20.39 million; impacted by current conversion factor. 

 ** Includes the Company's pro rata share of net working capital in joint ventures. 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

Anticipated Capital Expenditures Calendar (a)




































2015


Proposed 2016


Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter


1st Quarter

2nd Quarter

3rd Quarter

4th Quarter



Actual

Actual

Actual

Actual


Estimated

Estimated

Estimated

Estimated

Hilton Parsippany

354

x

x

x

x






Courtyard Boston Downtown

315

x

x

x







Marriott Beverly Hills

260

x

x

x







Embassy Suites Flagstaff

119

x

x








Hilton Minneapolis

300

x

x








Hyatt Regency Savannah

351

x







x

x

Marriott Bridgewater

347

x









Sheraton Bucks County

186

x









Westin Princeton

296

x





x




Courtyard Palm Desert

151


x

x







Courtyard Scottsdale

180


x

x







Hilton St. Petersburg

333


x

x





x


Residence Inn Hartford

96


x

x







Residence Inn Las Vegas

256


x

x







SpringHill Suites BWI

133


x

x







Hampton Inn Parsippany

152


x






x

x

Sheraton Minnetonka

220


x








Courtyard Alpharetta

154



x

x






Fairfield Inn Lake Buena Vista

388



x

x






Historic Inns of Annapolis

124



x

x






Residence Inn Evansville

78



x

x






Courtyard Overland Park

168



x







Embassy Suites Palm Beach Gardens

160



x







Crowne Plaza Ravinia

495




x






Embassy Suites Austin

150




x


x

x

x


Embassy Suites Dulles

150




x


x

x



Embassy Suites Houston

150




x


x


x

x

Hilton Fort Worth

294




x






Hilton Santa Fe

158




x


x




The Ashton

39




x


x




The Churchill

173




x


x




Hilton Garden Inn Austin

254






x

x

x


SpringHill Suites Jacksonville

102






x

x

x


Courtyard Boston Billerica

210






x

x



Courtyard Irvine Foothill Ranch

156






x

x



Embassy Suites Philadelphia

263






x

x



Residence Inn Fairfax

159






x

x



SpringHill Suites Gaithersburg

162






x

x



Towneplace Suites Manhattan Beach

144






x

x



Renaissance Nashville

673






x


x

x

Courtyard Oakland Airport

156






x




Hilton Nassau Bay

242






x




Embassy Suites Las Vegas

220







x

x

x

Embassy Suites Orlando

174







x

x

x

Marriott Dallas Market Center

265







x

x

x

Courtyard Bloomington

117







x

x


Embassy Suites Dallas

150







x

x


Hampton Inn Lawrenceville

85







x

x


Residence Inn Orlando Sea World

350







x

x


Courtyard Ft. Lauderdale

174








x

x

Crowne Plaza Annapolis

196








x

x

Hilton Garden Inn Virginia Beach

176








x

x

Hyatt Regency Coral Gables

250








x

x

Le Pavillon New Orleans

226








x

x

Marriott Crystal Gateway

697








x

x

Marriott San Antonio Plaza

251








x

x

Courtyard Basking Ridge

235









x

Hampton Inn Gainesville

105









x

Hilton Boston Back Bay

390









x

Marriott Omaha

300









x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2015-2016 are included in this table.

 

 













Exhibit 1














ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)
















Three Months Ended December 31, 2015



Hotel
Properties
Not Under
Renovation


Hotel
Properties
Under
Renovation


Hotel Total


Orlando
WorldQuest
Resort


Corporate /
Allocated


Ashford
Hospitality
Trust Inc.














Net income (loss)


$          39,904


$            3,401


$          43,305


$                 108


$         (69,540)


$       (26,127)

(Income) loss from consolidated entities attributable to noncontrolling interest


(8)


-


(8)


-


30


22

Net loss attributable to redeemable noncontrolling interests in operating partnership


-


-


-


-


4,113


4,113

Net income (loss) attributable to the Company


39,896


3,401


43,297


108


(65,397)


(21,992)

Non-property adjustments


-


(8)


(8)


-


8


-

Interest income


(9)


-


(9)


-


(14)


(23)

Interest expense


456


-


456


-


47,296


47,752

Amortization of loan cost


116


-


116


-


5,657


5,773

Depreciation and amortization


54,822


6,174


60,996


145


48


61,189

Income tax expense


111


7


118


-


(43)


75

Non-Hotel EBITDA ownership expense


2,378


48


2,426


1


(2,427)


-

(Income) loss from consolidated entities attributable to noncontrolling interest


8


-


8


-


(8)


-

EBITDA including amounts attributable to noncontrolling interest


97,778


9,622


107,400


254


(14,880)


92,774

Less: EBITDA adjustments attributable to consolidated noncontrolling interest


(61)


-


(61)


-


(28)


(89)

Net loss attributable to redeemable noncontrolling interests in operating partnership


-


-


-


-


(4,113)


(4,113)

Equity in earnings of unconsolidated entities


-


-


-


-


(759)


(759)

Company's portion of EBITDA of Ashford Inc.


-


-


-


-


846


846

Company's portion of EBITDA of Ashford Prime


-


-


-


-


-


-

Company's portion of EBITDA of Highland JV


-


-


-


-


-


-

EBITDA attributable to the Company and OP unitholders


$          97,717


$            9,622


$        107,339


$                 254


$         (18,934)


$         88,659














Pre-acquisition Hotel EBITDA 


920


-


920







Comparable Hotel EBITDA


$        98,698


$           9,622


$      108,320




















NOTES:













(1)  The above comparable information assumes the 132 hotel properties owned and included in the Company's operations at December 31, 2015, were owned as of the
       beginning of each of the periods presented.

(2)  All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

       Adjustments have been made to the pre-acquisition results as indicated below:



 (a) Management fee expense was adjusted to reflect current contractual rates

















 

 















Exhibit 1
















ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


















Three Months Ended December 31, 2014



Hotel
Properties
Not Under
Renovation


Hotel
Properties
Under
Renovation


Hotel Total


Orlando
WorldQuest
Resort


Sold
Properties


Corporate /
Allocated


Ashford
Hospitality
Trust Inc.
















Net income (loss)


$          22,666


$            3,271


$        25,937


$                 233


$                 1


$         (42,529)


$       (16,358)

(Income) loss from consolidated entities attributable to noncontrolling interest


(29)


-


(29)


-


-


289


260

Net loss attributable to redeemable noncontrolling interests in operating partnership


-


-


-


-


-


2,166


2,166

Net income (loss) attributable to the Company


22,637


3,271


25,908


233


1


(40,074)


(13,932)

Non-property adjustments


(4)


-


(4)


-


-


4


-

Interest income


(7)


(1)


(8)


-


-


(9)


(17)

Interest expense


1


-


1


-


-


27,249


27,250

Amortization of loan cost


-


-


-


-


-


1,689


1,689

Depreciation and amortization


26,608


2,590


29,198


137


198


136


29,669

Income tax expense


126


-


126


-


-


320


446

Non-Hotel EBITDA ownership expense


964


103


1,067


1


10


(1,078)


-

(Income) loss from consolidated entities attributable to noncontrolling interest


29


-


29


-


-